What are Small Business Loans and Who Can Apply for It?
If you are a business owner running a successful brand, no matter what your line of work is, you must understand that sometimes a business needs some financial assistance to stay afloat. Luckily several lenders and governments understand this fact as well; that is why one can easily avail themselves and their businesses of Small Business loans and that too at a very considerable interest rate. These small businesses loans are highly flexible and have a considerably lower interest rate, and to top it all off, there are several government schemes that one can avail themselves of if they are running a small business.
And the question of who can apply for it - the answer is pretty much anyone who is running a business or even considering starting one. One just needs to register to the relevant government authorities, and if they have the necessary documents and fulfil the criteria required by the lenders, then they can easily take out a small business loan for their business.
Some necessary requirements for one to be eligible to apply for a small business loan in India.
- First and foremost, the business applying for a small business loan must be registered with the relevant authorities and eligible to work in India. Business loans are provided to individuals, partnerships, a limited partnership, self-employed, or a proprietary firm.
- The applicant has to be above 21 years of age.
- The business that is applying for a small business loan has to provide documents to prove that the business is in profit for the past year.
- Applicant should be earning upwards of 2 Lakhs Indian Rupees annually.
- In some cases, co-applicants are mandatory, but mostly they are an optional choice.
Mandatory documents that one should have when applying for a small business loan
- Proof of Identity. It could be Aadhar Card, Voter ID, Pan Card, Passport, or Driver's License.
- The Pan Card of the company
- Address proof of both the individual and the business
- Bank statements for a period of 6 months
- ITR statement of the previous year as well as the audited balance sheet and P&L statement for two years
- Statement indicating if there is any debt owed
- Additional important documents that might be required by the lender for verification and approval purposes like MoA, Power of Attorney, declaration of ownership, Resolutions, etc.
If you are looking to avail yourself of small business loans in Hyderabad, then Finfree Enterprises is the best place for you to be at for any financial assistance that your business may require. Not just small business loans in Hyderabad, Finfree Enterprises, would help your business get the financial assistance you require, and that too at astonishingly low interest rates that are just impossible for anyone to match in the current market. With Finfree Enterprises, one of the renowned business loan providers in the country, you are guaranteed to avail yourself of business loans up to 3 crores at a convenient rate. Finfree Enterprises is committed to offering its customers with a complete hassle-free process. So, if you are someone looking for small business loans in Hyderabad – what are you waiting for? Apply for small business loans and make your dream of owning a business reality now. After all, your dream is just a few clicks away.